Good article in the DP this morning (no longer available) about the vast number of condos in the area (if you want more information on these, please email me, rather than the Sellers’ agents!)
Read the whole article, but take note of what Ted Koebel, director of the Virginia Tech Center for Housing Research (no longer available) says – it is something I say to all of my clients – “If it makes sense as a residence, that’s fine,” Koebel said. “But if you’re relying on speculative value, be careful.” This is the best advice I can give to my buyers.
Perhaps when the public’s mindset moves back to seeing real estate as homes rather than stocks, the market will adequately correct itself.
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I have been been representing buyers and sellers in Charlottesville, Albemarle, and Central Virginia since 2001. Get local insight born of experience.
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